1. Firms competing in an oligopoly could essentially cooperate a. and act as one monopolist and split market share down the middle b. and act as a regulating body for the other firms in the industry C. and act as one monopolist but split the market share based on their size

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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1. Firms competing in an oligopoly could
essentially cooperate
a. and act as one monopolist and split
market share down the middle
b. and act as a regulating body for the
other firms in the industry
C. and act as one monopolist but split the
market share based on their size
2. Consider the competitive labor market.
The supply of labor is
a. upward sloping because workers will
want to work more as wages rise
b. downward sloping because workers will
want to work less as wages rise
C. upward sloping because workers will
want to work less as wages rise
d. downward sloping because workers will
want to work more as wages fall
3. Which of the following is NOT true
regarding the image below?
a. Point A represents the optimal
consumption choice
b. Point B is preferred to point C because it
is higher on the utility curve
c. Points B and C are affordable but not
optimal
d. Other points besides point A along utility
curve U2 are not affordable
Transcribed Image Text:1. Firms competing in an oligopoly could essentially cooperate a. and act as one monopolist and split market share down the middle b. and act as a regulating body for the other firms in the industry C. and act as one monopolist but split the market share based on their size 2. Consider the competitive labor market. The supply of labor is a. upward sloping because workers will want to work more as wages rise b. downward sloping because workers will want to work less as wages rise C. upward sloping because workers will want to work less as wages rise d. downward sloping because workers will want to work more as wages fall 3. Which of the following is NOT true regarding the image below? a. Point A represents the optimal consumption choice b. Point B is preferred to point C because it is higher on the utility curve c. Points B and C are affordable but not optimal d. Other points besides point A along utility curve U2 are not affordable
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